Is Kensington the Most Affluent Part of London?
First mentioned in the Domesday Book in 1086, Kensington has quickly earned the regard as the most affluent part of London followed by its south neighbor, Chelsea.
In 2007, Kensington broke through the 100,000 British pounds average annual household income threshold for the first time. Its average household earnings reached 101,600 British pounds. The succeeding rich areas such as Westminster, Hampstead and Highgate came far behind with the numbers. A yearly increase of seven percent has been noted in household income has been noted for residents of Kensington. Indeed, the district has already become a mecca for the rich in London. Financial analysts and economists attribute this remarkable feat to the influx of high earners in Kensington and of high overseas income.
Kensington also hosts the most expensive place to live in London. The Kensington Square has an average property value of 5.5 million British pounds. In addition, most of the streets that made it to the list of London’s most expensive are streets found in Kensington. In general, the average property price in Kensington reaches as high as 1.7 million British pounds, equivalent to approximately 1,193 British pounds per square foot. Some houses in Upper Phillimore Garden even sold for more than 20 million British pounds. Definitely, you have to be a millionaire to be able to afford that.
If you think you know what an extravagant lifestyle means, you have not been to Kensington yet. In Kensington, you will find extravagant properties you may have not even imagined. There is a private motor museum solely dedicate for vintage Ferraris. You can also find a private underground swimming pool and even a private cinema. What adds to the grandeur and affluence of Kensington is the list of the rich and famous that resides in the district. One of the wealthiest residents is the Indian steel baron, Lakshmi Mittal, who even hired the property mogul, David Khalili, to convert two dilapidated buildings to a house. Other wealthy residents include Madonna and Leonard Blavatnik, the Russian oligarch. In addition, you can find in this district the former residence of Princess Diana, the Kensington Palace.
Most of the structures you will find in the district are classic houses inspired by Victorian architecture. You will also see a number of mansion blocks and older buildings, adding to the district’s grandeur and affluence. The district is not populated by towering buildings but flats and renovated old houses are more common, preserving the classic and elegant ambiance.
Indeed, the rich and famous can certainly find a paradise in Kensington. The area features beautiful parks and grasslands such as the Holland Park, Royal Park of Kensington Gardens and the Hyde Park. The district’s affluent residents can walk along these parks without worrying about their safety. These parks also have facilities that equal to the grandeur of the district. The residents can also go shopping in Kensington High Street, which has been home to a wide variety of clothing and retail shops. The shopping street has also been hailed as London’s top 2 shopping street in 2005, placing next to Oxford Street.
